International

Business wire

April 8, 1986

MANY SMALL and medium-sized Japanese companies are suffering serious losses because of the yen`s rapid appreciation since last September, a trade organization with close ties to the government said Monday. Hardest hit were the makers of towels and processed marine products such as canned fish, the survey said. It said 88 percent of the companies believe they cannot make any profit unless the dollar stays above 200 yen.

ELSEWHERE IN THE WORLD: Hiram Walker Resources Ltd., the Canadian liquor and natural resources giant, denied Monday that it plans to divest itself of assets -- including Home Oil Co. -- other than its lucrative distillery operation, which it proposes selling to Allied-Lyons, a British company. . . . The Canadian government on Monday introduced new trust company legislation that would give the finance ministry power to block Imasco Ltd.`s takeover bid for Genstar Corp.

NATIONAL

THE STOCK MARKET correction that began last week continued Monday, but it wasn`t nearly as steep despite another increase in the cost of crude oil. The Dow Jones industrial average, which had a record decline of 82.50 points last week, fell another 3.71 Monday, to 1,735.51. Market analysts attributed the stock market`s recent volatility to the fluctuations in oil prices. Minnesota Mining & Manufacturing, was down $1.75, at $98.25. It said its first-quarter earnings would closely resemble the like period last year. Digital Equipment rose $4.87 to $159.75. It announced a mid-range computer system. BankAmerica added 87.5 cents to $16.25. It is expected to report modest first-quarter earnings.

TREASURY-BILL interest rates for the short term continued to dip in Monday`s auction. The Treasury Department sold $7.02 billion in three-month bills at an average discount rate of 6.19 percent, down from 6.35 last week. Another $7.02 billion was sold in six-month bills at an average discount rate of 6.17 percent, down from 6.32 percent last week. The rates were the lowest since three-month bills averaged 6.14 percent on April 17, 1978 and six-month bills sold for 5.98 percent on Sept. 19, 1977. The new rates understate the actual return to investors -- 6.38 percent for three-month bills with a $10,000 bill selling for $9,843.50 and 6.46 percent for six-month bills selling for $9,688.10.

UNION CARBIDE CORP. of Danbury, Conn., continued its reorganization Monday by saying it intends to sell an additional $1 billion of assets, eliminate 1,200 more jobs and turn its 611-acre corporate campus into a commercial park. The company also said it had sold its worldwide battery products business -- except in India -- and including the brand name Eveready as well as manufacturing facilities in the United States and 23 foreign countries, to the Ralston Purina Co. for $1.4 billion. Carbide Chairman Warren M. Anderson said negotiations were continuing for the sale of the remaining consumer units, but he could not predict when those business would be sold. Since Jan. 1, 1985, Union Carbide has sold more than $2.1 billion in assets, including the battery sale, and has promised to unload about $1.1 billion more to pay for fighting off a takeover bid by GAF Corp.

ELSEWHERE IN THE NATION: Government safey experts recommended Monday that a special review board be established to investigate the maintenance program for Pratt & Whitney engines that are the most widely used in commercial aviation. Pratt & Whitney, based in Connecticut, has a plant in Palm Beach County, but that plant is not involved with the engines. . . . Apple Computer said Monday that contracts with 600 of its approximately 2,600 dealers across the country will not be renewed, including about 100 at Sears.

THE OIL PATCH: A walkout that has shut down Norway`s oilfields lifted the prices of crude oil on Monday to their levels in nearly six weeks. Prices in the world oil market were over $14 a barrel, up more than $1.50 from Friday`s close. West Texas Intermediate, the American benchmark grade of crude oil, rose to $14.33 a barrel, up $1.59, on the New York Mercantile Exchange. . . . Chevron Corp. of San Francisco has agreed to sell its Caribbean subsidiary, Caribbean Gulf Refining Corp., to Carey Energy Corp. of New York, for $90 million. It is part of a continuing effort by Chevron to streamline operations and reduce debt following the company`s merger with Gulf Oil Corp. in 1984. . . . Goodyear Tire & Rubber Co. of Akron, Ohio, stands to lose up to $70 million in the first quarter because of falling prices on its oil and gas reserves, it reported Monday. The loss will be aggravated by lower sales and income than planned from its North American tire and aerospace operations.